ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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agreement on the price and the quantity traded
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association of both supply and demand with income
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theoretical relationship between price and use
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desire for goods that cannot actually be afforded
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Detailed explanation-1: -Interaction between buyers and sellers determines prices in market economies through the invisible forces of supply and demand. When a market is in equilibrium, the quantity that buyers are willing and able to buy (demand) is equal to the quantity that sellers are willing and able to produce (supply).
Detailed explanation-2: -Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scare goods and services. Market prices are determined through the buying and selling decisions made by buyers and sellers.
Detailed explanation-3: -In any market transaction between a seller and a buyer, the price of the good or service is determined by supply and demand in a market. Supply and demand are in turn determined by technology and the conditions under which people operate.
Detailed explanation-4: -A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Markets can be physical like a retail outlet, or virtual like an e-retailer.
Detailed explanation-5: -Price is dependent on the interaction between demand and supply components of a market. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. An exchange of a product takes place when buyers and sellers can agree upon a price.